Most businesses will be exposed in some way to issues concerning compensation for loss, whether through insurance or damages or warranty claims. Natural disasters in recent times have brought insurance issues into particular focus.
This paper covers:
- basic concepts
- taxable supply
- supply
- consideration
- compensation for loss
- statute
- contract
- voluntary payments
- settlement arrangements
- the ATO’s view - GSTR 2001/4
- GST clauses
- court or tribunal orders
- making of an order
- quantum meruit
- court order amended for GST
- apportionment
- costs
- cnterest (pre and post judgement)
- waiver of the requirement to hold a tax invoice / adjustment note
- settlement arrangement tips
- warranty
- background
- ATO's View – GSTD 2006/1 and GSTD 2006/2
- cases
- analysis
- proposed amendments to GST-free treatment of warranties
- breach of warranty.